Hyperliquid earned approximately $713 million in revenue over the last twelve months, mostly from perpetual futures trading fees. Founder Jeff Yan now points to tokenized assets as a potential next opportunity, while third-party markets raise questions about how much revenue the core platform keeps.
Hyperliquid pulled in approximately $713 million in revenue over the last twelve months, as of early November 2026. The decentralized exchange never took outside venture money. Founder Jeff Yan already has tokenized assets in view as the next step.
Fees drive the revenue
Hyperliquid runs a perpetual futures exchange on its own Layer-1 blockchain. Fees make up the bulk of its revenue, and the $713 million figure comes largely from perpetual futures trading.
The monthly numbers have moved widely. Monthly revenue has swung between $38 million and $74 million over 2026. Recently, however, thirty-day revenue has landed between roughly $65 million and roughly $74 million, which works out to daily averages close to $2.2 million.
Buybacks and the HIP-3 wrinkle
The platform routes most eligible trading fees to the Assistance Fund, which buys back HYPE, Hyperliquid's native token, and burns it.
But volume from third-party markets built under the HIP-3 program has risen significantly. HIP-3 lets outside builders launch their own markets on Hyperliquid's infrastructure, and growth there could shrink the share of revenue the core platform keeps, according to Crypto Briefing.
Tokenized equities arrive
Yan has framed tokenized real-world assets as a potential opportunity and has singled out high-quality markets, particularly large-cap equities. Hyperliquid's tokenized stock and ETF markets began trading in October 2026.
The lineup includes Nvidia, Tesla and Apple, and those assets trade against USDC. Tokenized stocks also put Hyperliquid closer to territory traditionally overseen by securities regulators.
Source: Crypto Briefing
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